The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire\u2019s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin.<\/p>\n
The tech entrepreneur Musk has been \u201cquietly funding\u201d the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin\u2019s popularity. This revelation comes amidst previous suspicions that Musk\u2019s comments on Dogecoin have been instrumental in swaying its market dynamics.<\/p>\n
Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency\u2019s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal.<\/p>\n
The biography, penned by Walter Isaacson, also highlights Musk\u2019s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain.<\/p>\n
Musk humorously contemplated using Dogecoin as the platform\u2019s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would \u201cnever\u201d introduce its own token.<\/p>\n
Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk\u2019s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.<\/p>\n
Despite the intriguing revelations from Musk\u2019s biography, Dogecoin\u2019s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE\u2019s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF).<\/p>\n
However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin\u2019s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline.<\/p>\n
Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there\u2019s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible.<\/p>\n
Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it\u2019s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire\u2019s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin.<\/p>\n
The tech entrepreneur Musk has been \u201cquietly funding\u201d the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin\u2019s popularity. This revelation comes amidst previous suspicions that Musk\u2019s comments on Dogecoin have been instrumental in swaying its market dynamics.<\/p>\n
Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency\u2019s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal.<\/p>\n
The biography, penned by Walter Isaacson, also highlights Musk\u2019s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain.<\/p>\n
Musk humorously contemplated using Dogecoin as the platform\u2019s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would \u201cnever\u201d introduce its own token.<\/p>\n
Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk\u2019s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.<\/p>\n
Despite the intriguing revelations from Musk\u2019s biography, Dogecoin\u2019s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE\u2019s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF).<\/p>\n
However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin\u2019s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline.<\/p>\n
Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there\u2019s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible.<\/p>\n
Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it\u2019s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29119","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29119"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29119\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29119"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}